IRVINE, CA — Newmark Grubb Knight Frank (NGKF) announced it has completed its work to help reposition and sell 16752 Armstrong Ave, Irvine, an 82,645-square-foot, Class A creative office building adjacent to Tustin Legacy development in Orange County, Calif.
Scott Read, executive managing director in NGKF’s Newport Beach office, partnered with CBRE to close the sale of the asset to Griffin Capital Corp. for $27.2 million. NGKF and CBRE represented Shubin Nadal Realty Investors, which owned the asset in a partnership with Penwood Real Estate Investment Management.
Having brokered the sale of the property to the sellers in December 2011, NGKF continued to work with Shubin Nadal as the ownership converted the original industrial building into a creative office space. As the owner’s leasing representative, NGKF negotiated a 15-year lease with Fox Head Inc. to take the entire space. Fox Head is a sports accessories and apparel company serving the motocross industry.
“Shubin Nadal Realty Investors' efforts with this property present an excellent case-study of how to effectively create value with this product type,” Mr. Read said. “In less than two years, Shubin Nadal acquired and transformed a well-located but obsolete industrial building into a progressive, Class A creative office building complete with a well-established local tenant in place, and completed its exit strategy with the sale to Griffin Capital.”
The Armstrong Ave property offers excellent accessibility via the 55 and 405 freeways and John Wayne International Airport. Clive Wilkinson Architects designed the build-to-suit headquarters building for Fox Head.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.